Commodity Monthly Monitor · Commodities market overview 1 Summary tables 4 CFTC net positioning 5 Inventories 9 Moving average and volumes 13 Futures curves 17 Recent publications

Summary

ContentsCommodities market overview 1

Summary tables 4

CFTC net positioning 5

Inventories 9

Moving average and volumes 13

Futures curves 17

Recent publications 21

Commodity Monthly Matrix1 Performance

2- 1 Mth - 6 Mth - 12 Mth

All Commodities -19.8% -22.3% -24.4%

Energy -42.5% -49.6% -51.9%WTI Oil 22 -58.3% -58.9% 3.2% 7% -0.9% (2) (2) Industrial Metals -12.6% -20.3% -23.3%Brent Oil 27 -54.5% -55.0% -0.8% -123% -7.0% (2) (2) Precious Metals -13.4% -8.4% 5.8%Natural Gas 1.6 -16.5% -28.0% -38.3% 45% -4.2% 0 1 Agriculture -6.8% -1.7% -8.1%Gasoline 0.6 -63.7% -62.8% 0.0% -30% -3.6% (4) (3) MSCI World -31.0% -23.8% -20.6%

Heating Oil 1.0 -40.7% -45.0% -16.6% 29% -0.7% 0 0 US Aggregate Bond -2.1% 0.6% 6.5%

Carbon 16.0 -37.3% -36.3% - - 0.0% (2) 0

Wheat 5.4 -3.7% 4.0% -0.8% -94% 0.7% 1 1

Corn 3.4 -9.2% -10.9% -1.1% -278% -1.6% (2) (2)

Soybeans 9 -3.4% -3.5% 6.3% 96% -0.3% (2) (4)

Sugar 0.1 -29.2% -14.3% - -70% 0.7% (1) 2

Cotton 0.5 -21.9% -15.8% 3.8% -130% -0.1% (4) (3)

Coffee 1.2 15.5% 12.3% - 274% 0.0% 1 (3)

Soybean Oil 0.3 -14.9% -14.5% 1.2% -79% -1.2% (4) (3)

Cocoa 2,230 -24.1% -11.5% - -68% 0.0% (4) 4 CFTC Net Speculative PositioningAluminium 1,572 -7.5% -10.3% -4.5% 14% -0.4% 0 (4) (in '000 contracts)

Copper (COMEX) 2.2 -15.4% -17.1% -29.9% 11% 0.9% 2 (2)

Copper (LME) 4,802 -16.0% -17.7% 47.5% -22% -0.1% (4) (2)

Zinc 1,846 -12.3% -20.4% 182.7% -5% -0.2% (4) (4)

Nickel 11,180 -11.3% -23.3% 64.3% -8% -0.2% (4) (4)

Lead 1,653 -11.3% -16.4% -16.2% -11% -0.4% (2) 0

Tin 13,975 -15.7% -17.4% -1.7% -10% 0.1% 0 (2)

Gold 1,485 -8.2% -1.2% - -29% - (4) 4

Silver 12 -32.6% -27.6% - -56% - (4) 4

Platinum 623 -36.4% -30.9% - -62% - (4) (2)

Palladium 1,570 -39.0% -13.0% - -85% - (4) 0

Live Cattle 1.0 -17.9% -12.2% - -63% 10.2% (1) 0

Lean Hogs 0.6 -7.9% -8.0% - 23% 1.1% 1 (4)

Feeder Cattle 1.2 -14.3% -13.5% - -92% 1.6% (1) (4)Source: WisdomTree, Commodity Futures Trading Commission (CFTC), Bloomberg

1

Bloomberg TR Indexes for basket returns, data to Friday 20 March 2020. Source:

WisdomTree, Bloomberg

The score matrix is designed to highlight significant changes in key variables but should not be viewed as predictor of performance. Source: WisdomTree, Bloomberg

- Information not available. Green = returns positive, inventories falling, positioning rising, roll yield positive. Red = the opposite. Black = neutral. 1 Detailed explanation of the matrix calculations can be found at the end of this

report. 2 All prices are futures prices to Friday 20 Mar 20. Broad sector returns based on Bloomberg Commodity Index family. 3 % change in inventory over the past 3 months except for sugar and coffee which are based on past

6 months as data is updated bi-annually by USDA. 4 CFTC futures and LME COTR net positioning as at Mar 17, 2020 and Mar 20, 2020 respectively, % change from previous month. 5 Calculated as % difference between front

month and second month futures prices on report date.

Current

Price2

Returns

(-1 Mth)

Positioning4

(- 1 Mth)

Acute selling pressures result in a challenging month for precious metals. Gold’s losses were contained

last month compared to most other commodities but it could not avoid a negative month as investors

turned to the historical safe-haven metal for liquidity amid sharp drawdowns in equity markets. The

remaining precious metals basket endured a challenging month but we may now be seeing early signs

of a recovery.

Industrial metals faced a sharp decline last month, owing to concerns over weakening demand due to

the spread of the COVID-19 pandemic. Net speculative positioning is already very low by historical

standards, underscoring the bearish outlook amongst investors towards industrial metals. The demand

shock originating from the COVID-19 outbreak is likely to outweigh the supply disruptions over the first

half of 2020 for most industrial metals.

March 2020 could go down in history as the most challenging month for energy markets on record. A

supply shock has been coupled with a demand shock generating volatility in oil markets that we have

never seen before.

Agricultural commodities have declined 6.8% over the prior month. Most of those losses have come

from the softs – sugar, cotton and cocoa. The notable exception was coffee, which was the only

commodity to post gains. We expect further downside for agricultural commodities owing to the knock-

on impact of a lower oil price regime coupled with uncertainty surrounding the coronavirus.

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20 Mar

Score

21 Feb

Score

Inventories3

(- 3 Mths)

Price vs 200

days MARoll Yield

5

Commodity Monthly Monitor

Commodities in the grip of COVID-19 21 Feb - 20 Mar 2020

We are currently experiencing a shock to the global economic system that looks at least on par with the

Great Financial Crisis of 2008. In many respects it could be worse. It is unprecedented for so much of the

global economy to shut down simultaneously. As the world takes necessary steps to contain COVID-19, the

functioning of the economy and asset markets is being tested. Clearly, there are problems with asset

liquidity. The thirst for cash and cash-like assets (such as gold and Treasuries) has soared. But even these

assets are not immune to the challenges in this environment. Physically moving assets over international

borders has brought a new facet to crisis management.

Luckily central banks and fiscal authorities have risen to the challenge that we face. Although initially

markets were unimpressed by their efforts, after a rapid-fire of new facility announcements, all major

central banks have declared their equivalent of Mario Draghi’s (former European Central Bank President)

“whatever it takes” moments. Fiscal authorities, which are usually hampered by partisan politics, have

largely sensed the urgency of the situation. Germany appears to have abandoned its so-called “zero

black” balanced budget. At the time of writing, the US appears to have approved a US$2trn stimulus deal.

And most countries have announced similarly bold plans.

However, despite all the stimulus, the length and amplitude of the current COVID-19 shock is largely

unknown. Compounding problems on the demand side, the supply of oil is set to rise as the Organisation of

Petroleum Exporting Countries (OPEC) and its partner countries are in a state of disarray. This twin shock in

the oil market has triggered unprecedented volatility in the oil market.

With sufficient demand stimulus we should start to see a floor develop for cyclical commodities. Oil

unfortunately may have a longer path to get there due to the simultaneous supply shock. After an initial

period of decline, as the metal was being sold to generate liquidity, gold is likely to march higher. The

combination of monetary and fiscal stimulus, ultra-low bond yields and a protracted period of market

uncertainty all point to gold price strength in the coming year. Silver is also likely to follow on gold’s

coattails.

Nitesh Shah

Director

Aneeka Gupta

Director

Mobeen Tahir

Associate Director

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1,000

1,500

2,000

2,500

2015 2016 2017 2018 2019

Precious Metals Livestock Industrial Metals

Energy Agriculture

Historical performance is not an indication of future performance and any investments may go down in value.

Agriculture Agriculture - March Returns*

Source: Bloomberg

Industrial Metals Industrial Metals - March Returns*

Source: Bloomberg

Energy Energy - March Returns*

Source: Bloomberg

Precious Metals Precious Metals - March Returns*

2

Source: Bloomberg

*Note: all returns are based on front month futures prices in the month to Friday 20 March 2020.


Industrial metals faced a sharp decline by 12.6% last month, owing to concerns over weakening

demand due to the spread of the COVID-19 pandemic. The demand shock originating from the COVID-

19 outbreak is likely to outweigh the supply disruptions during the first half of 2020 for most industrial

metals. The impact of the virus is only just starting to be observed in some of the main metals’ producer

countries such as Chile, Peru, Australia, Brazil and most recently South Africa where production could

be suspended. The collapse in demand which was originally seen in China where the COVID-19

outbreak began is likely to be repeated globally. In the short term we expect base metals to continue

to remain under pressure. However as base metal prices continue to decline relative to producer costs

of production, we expect supply to be negatively impacted as it will be unsustainable for producers to

maintain production. From that point on, we expect to inventory builds to discontinue especially for

commodities produced outside of China which should help moderate the size of the overall surplus.

Over the medium to long term we remain bullish on industrial metals.

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Coffee prices posted the highest gains among agricultural commodities over the month, rising 15.5%. A

substantial unwinding of short positions by 51% coupled with the likely delays to the shipment of coffee

at Brazilian ports and increased retail sector demand for coffee lent a tailwind to coffee prices over the

period. However according to Brazil’s forecasting agency, the upcoming Brazilian coffee crop is

expected to be high at just shy of 62 million bags, which should ease the currently tight physical market

in Brazil. The coronavirus also remains a risk on the demand side.

Cotton prices sold off sharply last month, down 22%. Concerns over an economic downturn owing to

the coronavirus is expected to weigh on the textiles industry. Lockdowns in numerous countries is

leading to supply disruptions which is also impacting demand from the sector. In addition, the sharp fall

in oil prices are making chemical fibres that compete with cotton cheaper, which is also likely to

dampen the demand outlook for cotton.

Sector Overview

Events over 5th and 6th March shook the foundations of the oil market as we know it. Despite OPEC’s

recommendation to cut oil supply in the face of a deep negative demand shock, Russia – OPEC’s

largest partner – did not agree. It was an all or nothing deal. Not only will the 1.5mn barrels of cuts the

market was expecting not come to the fore, the 2.1mn barrels of cuts already in place will expire at the

end of this month. This represents a twin shock: supply is rising at a rapid pace and demand is falling in

the face of a sudden stop in global activity as we all socially distance ourselves.

Volatility in Brent oil (measured by option-implied volatility) has reached unprecedented levels,

surpassing the levels seen in the Great Financial Crisis of 2008 for example. On 18th March 2020, WTI oil

price fell 24% and on 19th March, it rose 24%. The twin shocks are causing unusual price swings as the

market tries to factor in the impact of demand stimulus and supply responses from producer countries.

The sudden drop in prices has created extreme contango in both Brent and WTI futures. That is a

marked departure from the mild backwardation we saw last month. It’s hard to see demand return

quickly in an era of social distancing. Economic stimulus will help restore demand later this year, when

businesses are allowed to operate as normal, but the supply glut could continue as long as Saudi

Arabia continues to wage a price war with Russia. Eventually the nimbler production that we see in the

US (relative to the rest of the world) could scale back and reduce the scale of the glut.

With the decline in economic activity in Europe, carbon futures price has declined close to 37% in the

past month. There is potential for a glut in emission allowances to build up.

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Large drawdowns in equity markets last month led investors to seek liquidity from the safe havens in

their portfolios. This created selling pressures on gold causing its price to fall in a period of severe market

volatility. This is not surprising and is something we witnessed during the global financial crisis too when

gold fell in October 2008 but subsequently rose by 170% between November 2008 and August 2011.

Given the sheer uncertainty in the coming months for the global economy, we believe gold’s recent

price behaviour has created an attractive entry point for long-term investors who use gold as an

inflation hedge. The price of gold rebounded strongly on Monday 23 March following the US Federal

Reserve’s third emergency meeting in March, in which the central bank announced an expansion of its

asset purchases, as well as on expectations of a significant fiscal stimulus from the US government . If

these policy measures are able to induce and sustain calmness in markets, liquidity driven selling

pressures will ease from gold allowing the metal to truly shine.

Silver, platinum and palladium are increasingly industrial in nature and have therefore directly been

impacted by the lockdown in global economic activity being enforced by governments to fight the

coronavirus pandemic. The initial price shock is likely to be offset by diminished supply in the coming

weeks as lockdowns cut mining supplies. Platinum and palladium made strong gains on Tuesday 24

March as South Africa, which provides around 70% of platinum and 35% of palladium supply globally,

announced a 21-day lockdown. The precious metals basket, particularly silver, also typically has a

correlation with gold and will therefore also benefit when gold appreciates.

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-70%

-60%

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-30%

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-10%

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WTI

Oil

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-35%

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-25%

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Positioning Top 5/Bottom 5 Change in CFTC Net Positions (over past month)1

Source: Bloomberg

Inventories Top 5/Bottom 5 Change in Inventories (over past 3 months)2

Curve Dynamics Top 5/Bottom 5 Roll Yields (front to next month)3

Source: Bloomberg

Technicals Top 5/Bottom 5 Price Diff to 200 day moving av. (dma)4

Source: Bloomberg

1 CFTC futures net positioning as at report date, percent change from previous month. 2 Percent change in inventory based on 3 month change (in %).

3 Roll yields calculated as percent change between front month futures price and next month futures price on Mar 20, 2020.4 Percent difference between the front month futures price and its 200 day moving average on Mar 20, 2020.

3Historical performance is not an indication of future performance and any investments may go down in value.

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Technical Overview (as of Mar 20, 2020)

Net speculative positioning in coffee futures rose 273.6% as short positions were

trimmed substantially by 51%. This was likely due to possible delays to the shipment

of coffee at Brazilian ports coupled with higher retail sector demand for coffee.

Investors turned bearish in cotton, as short positions rose by 84%, resulting in net

speculative positions falling by 130% over the period. The outlook of an economic

downturn owing to the coronavirus is likely to lead to weakness in the textiles

industry.

Corn futures saw net speculative positioning decline-278% as weaker oil prices make

ethanol less attractive as a fuel, which in the US is largely made from corn

(accounting for 40% of US corn demand).

Positioning in Brent futures has collapsed to a net negative 38,346 contracts from a

net positive 166,283 contracts last month. The twin-shock has set in motion very

bearish sentiment toward the international benchmark for crude oil. Positioning in

WTI had actually risen over the month, potentially indicating that market

participants were betting on a price reversal. However, we caution the positioning

data is to 17th March, a day before a 24% drop in price.

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The front end of the COMEX copper futures curve has moved from contango into

backwardation within a month, yielding a positive roll yield of 0.4% from -0.3%.

Live cattle futures have the steepest backwardation, providing a roll yield of 10.2%

driven by relatively weak demand and ample feed cattle supplies. The front end of

the corn futures curve remains in contango with a negative roll yield -1.6%.

Front-month roll yields on Brent futures contracts are -7.0% at the moment, a sharp

reversal from the +0.9% last month. The change of fortunes for global oil is leaving a

supply glut. This glut means that investors can buy oil for immediate delivery at a

significant discount to oil for delivery in the next month.

Cotton inventories rose 3.8% over the prior three months. The US Department of

Agricutlure (USDA) expects global cotton market to show larger production and

ending stocks in 2019/20 season.

Natural gas inventories fell 37% over the past three months as the cold season

comes to an end. However, this is at the high end of seasonal trends, which should

place downward pressure on prices.

Zinc inventories have risen the most among industrial metals by 83% over the prior

three months. Zinc has seen mining production expand noticeably of late.

Nickel and copper inventories rose 64% and 47% over the prior three months as

stockpiles build up owing to a falling demand originating from the COVID 19

outbreak. Source: Bloomberg

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Brent, WTI and gasoline are all close to 60% below their respective 200 day-moving

averages, highlighting the deep change in price trends for the petroleum complex.

Coffee is trading 12.3% above its 50 and 200dma due to possible delays of the

shipments of coffee at Brazilian ports. However, the prospect of a very high crop in

Brazil and the weak Brazilian Real is likely to weigh on prices in the future.

After a challenging month for the precious metal with selling pressures arising from

investors’ liquidity needs, gold was trading at 1.2% below its 200-dma on Friday 20

March.

-50% 0% 50% 100% 150% 200%

Zinc

Nickel

Copper - LME

Soybeans

Cotton

Aluminium

Lead

Heating Oil

Copper - Comex

Natural Gas

-80% -60% -40% -20% 0% 20%

Coffee

Wheat

Gold

Soybeans

Lean Hogs

Carbon

Heating Oil

Brent Oil

WTI Oil

Gasoline

% < 200 dma % > 200 dma

-10% -5% 0% 5% 10% 15%

Live Cattle

Palladium

Feeder Cattle

Lean Hogs

Copper

Soybean Oil

Corn

Gasoline

Natural Gas

Brent Oil

Contango Backwardation

-400% -300% -200% -100% 0% 100% 200% 300% 400%

Coffee

Soybeans

Natural Gas

Heating Oil

Lean Hogs

Feeder Cattle

Wheat

Brent Oil**

Cotton

Corn

4 23 42 61 4 3

Unit ROLL YIELDS2 Unit Exchange 20-Mar 1 Week 1 Month 3 Month

Energy EnergyWTI Oil 22 USD/bbl. -58.3% -62.9% -61.4% -62.5% WTI Oil USD/bbl. NYMEX -0.9% -1.2% -0.2% 0.3%

Brent Oil 27 USD/bbl. -54.5% -59.2% -58.0% -60.6% Brent Oil USD/bbl. ICE -7.0% -4.5% 0.9% 1.4%

Natural Gas 1.6 USD/MMBtu -16.5% -31.1% -36.7% -43.1% Natural Gas USD/MMBtu NYMEX -4.2% -1.7% -0.6% 0.8%

Gasoline 0.6 USd/gal. -63.7% -64.5% -63.9% -68.4% Gasoline USd/gal. NYMEX -3.6% -1.6% -6.4% -0.1%

Heating Oil 1.0 USd/gal. -40.7% -50.2% -49.3% -49.9% Heating Oil USd/gal. NYMEX -0.7% -0.7% 0.3% 0.1%

Carbon 16.0 EUR/MT -37.3% -39.6% -39.5% -25.5% Carbon EUR/MT ICE 0.0% -0.1% -0.1% -0.1%

Agriculture

Wheat 5.4 USd/bu. -3.7% -0.6% 11.4% 16.0% Wheat USd/bu. CBOT 0.7% 1.7% 0.1% -0.7%

Corn 3.4 USd/bu. -9.2% -11.3% -7.3% -7.5% Corn USd/bu. CBOT -1.6% 1.4% -1.1% -1.6%

Soybeans 8.6 USd/bu. -3.4% -7.1% -2.3% -4.8% Soybeans USd/bu. CBOT -0.3% -0.2% -0.9% -1.1%

Sugar 0.1 USd/lb. -29.2% -19.4% -1.6% -14.4% Sugar USd/lb. NYBOT 0.7% 0.5% 3.1% -0.7%

Cotton 0.5 USd/lb. -21.9% -21.0% -9.2% -28.9% Cotton USd/lb. NYBOT -0.1% -0.4% -0.9% -1.5%

Coffee 1.2 USd/lb. 15.5% -8.4% 21.6% 26.3% Coffee USd/lb. NYBOT 0.0% 0.3% -1.3% -1.7%

Soybean Oil 0.3 USd/lb. -14.9% -24.1% -12.4% -12.4% Soybean Oil USd/lb. CBOT -1.2% -1.0% -1.1% -0.8%

Cocoa 2,230 USD/MT -24.1% -7.7% -9.8% 4.1% Cocoa USD/MT NYBOT 0.0% 2.4% 2.8% -0.6%

Industrial Metals Industrial Metals

Aluminum 1,572 USD/MT -7.5% -11.8% -12.0% -18.4% Aluminum USD/MT LME -0.4% -0.7% -0.5% -0.6%

Copper 2.2 USd/lb. -15.4% -22.1% -15.4% -24.9% Copper USd/lb. COMEX 0.9% 0.4% -0.3% 0.2%

Copper (LME) 4,802 USD/MT -16.0% -22.1% -17.0% -25.7% Copper (LME) USD/MT LME -0.1% 0.0% 0.0% -0.1%

Zinc 1,846 USD/MT -12.3% -21.4% -20.2% -36.3% Zinc USD/MT LME -0.2% -0.2% -0.2% 0.0%

Nickel 11,180 USD/MT -11.3% -22.8% -36.6% -15.0% Nickel USD/MT LME -0.2% -0.1% -0.2% -0.2%

Lead 1,653 USD/MT -11.3% -14.3% -21.9% -18.9% Lead USD/MT LME -0.4% -0.4% -0.1% -0.4%

Tin 13,975 USD/MT -15.7% -19.5% -16.5% -34.8% Tin USD/MT LME 0.1% -0.1% 0.0% 0.0%

Precious Metals Precious Metals

Gold 1,485 USD/t oz. -8.2% 0.7% -1.6% 14.1% Gold USD/t oz. COMEX -0.2% -0.2% -0.2% -0.4%

Silver 12.3 USD/t oz. -32.6% -27.9% -30.4% -19.0% Silver USD/t oz. COMEX -0.3% -0.3% -0.5% -0.6%

Platinum 623 USD/t oz. -36.4% -31.9% -34.0% -27.6% Platinum USD/t oz. NYMEX -0.1% -0.1% -0.5% -0.7%

Palladium 1,570 USD/t oz. -39.0% -13.2% -3.5% -0.7% Palladium USD/t oz. NYMEX 2.0% 2.0% 0.2% 0.0%

Livestock Livestock

Live Cattle 1.0 USd/lb. -17.9% -19.3% -0.7% -23.9% Live Cattle USd/lb. CME 10.2% 6.5% 0.8% -2.8%

Lean Hogs 0.6 USd/lb. -7.9% -12.9% 2.0% -16.6% Lean Hogs USd/lb. CME 1.1% -10.1% -10.2% -8.8%

Feeder Cattle 1.2 USd/lb. -14.3% -16.3% -14.0% -15.1% Feeder Cattle USd/lb. CME 1.6% 0.4% -1.2% -0.1%

EnergyE

nEnergy

WTI Oil 437,850 449,173 410,285 459,460 441,121 Oil - US 455,360 -2.1% 3% 3% 9%

Brent Oil** -38,346 196,905 166,283 233,028 112,834 Oil - OECD Europe** 353 3% -0.8% -0.8% -2%

Natural Gas -124,483 -114,126 -226,077 -118,573 -27,972 Natural Gas - DOE 2,005 10.6% -14% -38% -37%

Gasoline 83,190 74,293 118,334 53,186 85,991 Gasoline - DOE 239,282 -1.2% -8% 0% 4%

Heating Oil -14,213 13,415 -19,986 876 -13,752 Heating Oil - DOE 9,669 -19% -1% -17% -12%

Agriculture Industrial Metals

Wheat 3,366 -38,988 60,302 5,454 -61,268 Aluminum 1,603,919 -30% 8% -5% 30%

Corn -61,169 35,994 -16,186 -116,717 -198,282 Aluminum - LME 1,069,925 -42% -7% -28% 19%

Soybeans -2,026 32,697 -56,409 -15,911 -41,766 Aluminium - SHFE 533,994 17% 58% 176% 58%

Sugar 61,105 49,690 202,197 -201,001 -65,605 Copper 633,118 16% 39% 96% 35%

Cotton -11,090 53,520 37,489 -13,753 8,313 Copper - LME 227,875 -10% 38% 48% -21%

Coffee 8,879 -15,283 -5,114 -28,791 -66,184 Copper - SHFE 377,247 101% 44% 192% 167%

Soybean Oil 10,759 37,920 50,404 50,034 28,607 Copper - COMEX 27,996 -73% -3% -30% -32%

Cocoa 26,032 20,630 80,931 -8,280 -22,607 Nickel - LME 230,724 -28% 3% 64% 49%

Industrial Metals5 Zinc 241,525 -41% 22% 183% 70%

Copper (COMEX) -36,825 1,648 -41,362 -36,116 17,063 Zinc - LME 73,200 -74% -3% 39% 16%

Copper (LME) 29,674 34,963 37,952 16,190 46,635 Zinc - SHFE 168,325 37% 38% 416% 112%

Aluminum 183,735 157,154 161,575 150,984 155,597 Lead 93,514 -45% -10% -16% -1%

Nickel 25,902 20,473 28,256 32,956 18,760 Lead - LME 71,000 -50% 6% 6% -4%

Zinc 37,107 44,563 39,001 25,527 64,728 Lead - SHFE 22,514 -27% -39% -49% 9%

Lead 51,233 52,669 57,368 51,554 49,047 Tin 11,224 27% -22% -2% -2%

Tin 8,824 8,158 9,785 8,547 10,041 Tin - LME 6,390 50% -14% -14% -3%

Precious Metals Tin - SHFE 4,834 5% -31% 20% -1%

Gold 276,313 163,725 388,803 328,309 112,127A

gAgriculture

Silver 35,799 40,225 80,646 62,950 22,071 Wheat - USDA 287,140 46.5% -0.3% -0.8% 0.2%

Platinum 23,948 25,342 63,093 35,659 19,825 Corn - USDA 297,340 104% 0.2% -1.1% -2.9%

Palladium 800 12,575 5,255 12,266 12,639 Soybeans - USDA 102,440 63% 3.6% 6.3% 3%

Livestock Sugar - USDA 49,580 38% - - 4%

Live Cattle 22,221 79,591 59,551 22,617 169,974 Cotton - USDA 83,400 17% 1.6% 3.8% -0.4%

Lean Hogs 34,947 40,192 28,382 49,126 29,366 Coffee - USDA 34,976 -3% - - 4%

Feeder Cattle 69 6,515 823 -2,100 5,762 Soybean Oil - USDA 3,320 -20% -2.6% 1% -10%

1Performance of front month futures from 20 Mar 19 (1 Year), 20 Sep 19 (6 Month), 20 Dec 19 (3 Month) and 20 Feb 20 (1 Month) to 20 Mar 20.

2Roll return non-annualised from front month futures into second " month on 20 Dec 19 (3 Month), 20 Feb 20 (1 Month), 13 Mar 20 (1 Week), 20 Mar 20.

4

6 Month

3Net positions in number of contracts.

4Current inventories relative to 1, 3, 6 months ago. Under the column "5 yr average" is the current inventory level relative to 5 year average inventory.

For energy, 5 yr average is the average of the same month as report month over the past 5 years. SHFE started reporting inventory data from April 2015. 5All Industrial metals positioning

data (excluding copper) is sourced from LME COTR data in Bloomberg from 30 January 2018 (first available date) under post-MIFID rules. **Brent 5 Yr average of net positions from January

2011 as positions were not reported by CFTC before then and inventory data (OECD) reported with 3 month lag with current = Dec 2019.


Agriculture

1 YearCFTC NET POSITIONING3 6 MonthCurrent 3 Month

5 Yr

Average1 MonthCurrent

Summary Tables

INVENTORY LEVELS4

Current 1 Year

5 Yr

Average

PRICES1 3 Month

1 Month

6 Month1 Month

T

Agriculture

Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree



·Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree

Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning 5

CFTC Speculative Net Long Futures Positions

All commodity futures price data is denominated in USD unless otherwise indicated. CFTC futures and LME COTR net positioning as at Mar 17, 2020 and Mar 20, 2020 respectively.

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

-50

-30

-10

10

30

50

70

90

110

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Cocoa

CFTC non-commercial net positioning Price (RHS, USD/MT)

-1x stdv

-2x stdv

1x stdv

2x stdv

5 Yr Average

2

3

3

4

4

5

5

-350

-250

-150

-50

50

150

250

350

450

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-20

Corn

CFTC non-commercial net positioning Price (RHS, USd/bu.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.22

0.24

0.26

0.28

0.30

0.32

0.34

0.36

0.38

0.40

-100

-50

0

50

100

150

200

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-18

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Soybean Oil

CFTC non-commercial net positioning Price (RHS, USd/lb.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.10

0.12

0.14

0.16

0.18

0.20

0.22

0.24

-300

-200

-100

0

100

200

300

400

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-20

Sugar


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

8

8

9

9

10

10

11

11

12

12

-200

-150

-100

-50

0

50

100

150

200

250

300

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-20

Soybeans


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

3

4

4

5

5

6

6

7

-200

-150

-100

-50

0

50

100

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-18

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-20

Wheat


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.3

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1.9

-120

-100

-80

-60

-40

-20

0

20

40

60

80

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Coffee


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.5

0.6

0.6

0.7

0.7

0.8

0.8

0.9

0.9

1.0

1.0

-60

-40

-20

0

20

40

60

80

100

120

140

160

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Cotton


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average


Energy



Source: Bloomberg, WisdomTree

6Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning. All commodity futures price data is denominated in

USD unless otherwise indicated. *Brent average of net positions from January 2011 as positions were not reported by CFTC before then.


0.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

2.5

-60

-40

-20

0

20

40

60

80

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Heating Oil

CFTC non-commercial net positioning Price (RHS, USd/gal.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

-300

-250

-200

-150

-100

-50

0

50

100

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-20

Natural Gas

CFTC non-commercial net positioning Price (RHS, USD/MMBtu)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

20

30

40

50

60

70

80

90

-200

-100

0

100

200

300

400

500

600

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-17

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Brent Oil

ICE managed money net positioning Price (RHS, USD/bbl.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.4

0.9

1.4

1.9

2.4

30

50

70

90

110

130

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Gasoline

CFTC non-commercial net positioning Price (RHS, USd/gal.)

-1x stdv

2x stdv

-2x stdv

5 Yr Average

1x stdv

22

32

42

52

62

72

82

100

200

300

400

500

600

700

800

900

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

WTI Oil

CFTC non-commercial net positioning Price (RHS, USD/bbl.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

Industrial Metals





7Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning. LME non-commercial net positions from 30 January

2018 post MIFID II data and respective graphs represent daily data. All commodity futures price data is denominated in USD unless otherwise indicated.


5,000

5,500

6,000

6,500

7,000

7,500

0

10

20

30

40

50

60

70

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Au

g-1

8

Se

p-1

8

Oc

t-18

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-19

Ma

y-1

9

Ju

n-1

9

Ju

l-19

Au

g-1

9

Se

p-1

9

Oc

t-1

9

No

v-1

9

De

c-1

9

Ja

n-2

0

Fe

b-2

0

Copper (LME)

LME non-commercial net positioning Price (RHS, USD/MT)

1,700

1,900

2,100

2,300

2,500

2,700

2,900

3,100

3,300

3,500

3,700

0

10

20

30

40

50

60

70

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-18

Ma

y-1

8

Ju

n-1

8

Ju

l-18

Au

g-1

8

Se

p-1

8

Oc

t-1

8

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Ju

n-1

9

Ju

l-1

9

Au

g-1

9

Se

p-1

9

Oc

t-1

9

No

v-1

9

De

c-1

9

Ja

n-2

0

Fe

b-2

0

Zinc


1,500

1,700

1,900

2,100

2,300

2,500

2,700

10

20

30

40

50

60

70

80

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Au

g-1

8

Se

p-1

8

Oc

t-18

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-19

Ma

y-1

9

Ju

n-1

9

Ju

l-19

Au

g-1

9

Se

p-1

9

Oc

t-1

9

No

v-1

9

De

c-1

9

Ja

n-2

0

Fe

b-2

0

Lead


9,800

10,800

11,800

12,800

13,800

14,800

15,800

16,800

17,800

18,800

-14

-9

-4

1

6

11

16

21

26

31

36

41

46

51

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Au

g-1

8

Se

p-1

8

Oc

t-18

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Ju

n-1

9

Ju

l-1

9

Au

g-1

9

Se

p-1

9

Oc

t-19

No

v-1

9

De

c-1

9

Ja

n-2

0

Fe

b-2

0

Nickel


1,500

1,700

1,900

2,100

2,300

2,500

2,700

70

90

110

130

150

170

190

210

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-18

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Au

g-1

8

Se

p-1

8

Oc

t-18

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Ju

n-1

9

Ju

l-19

Au

g-1

9

Se

p-1

9

Oc

t-1

9

No

v-1

9

De

c-1

9

Ja

n-2

0

Fe

b-2

0

Aluminum


1.7

2.2

2.7

3.2

3.7

4.2

-80

-60

-40

-20

0

20

40

60

80

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-20

Copper (COMEX)


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

13,500

14,500

15,500

16,500

17,500

18,500

19,500

20,500

21,500

22,500

0

5

10

15

Ja

n-1

8

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Au

g-1

8

Se

p-1

8

Oc

t-1

8

No

v-1

8

De

c-1

8

Ja

n-1

9

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Ju

n-1

9

Ju

l-1

9

Au

g-1

9

Se

p-1

9

Oc

t-1

9

No

v-1

9

De

c-1

9

Ja

n-2

0

Fe

b-2

0

Tin


Precious Metals



Livestock



8Note: positioning in '000 contracts. Standard deviation based on 5 year average CFTC non-commercial net positioning. respective graphs represent daily data. All

commodity futures price data is denominated in USD unless otherwise indicated.


0.4

0.5

0.6

0.7

0.8

0.9

1.0

-20

0

20

40

60

80

100

120

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-18

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-20

Lean Hogs


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

-50

0

50

100

150

200

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Live Cattle


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

-10

-5

0

5

10

15

20

25

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-20

Feeder Cattle


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

10

17

24

-40

-20

0

20

40

60

80

100

120

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Silver

CFTC non-commercial net positioning Price (RHS, USD/t oz.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

-100

-50

0

50

100

150

200

250

300

350

400

450

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Gold


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

450

950

1,450

1,950

2,450

2,950

0

5

10

15

20

25

30

Ma

r-15

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-1

6

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-1

9

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-20

Palladium


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

550

750

950

1,150

1,350

1,550

1,750

1,950

-20

-10

0

10

20

30

40

50

60

70

80

Ma

r-1

5

Ju

n-1

5

Se

p-1

5

De

c-1

5

Ma

r-16

Ju

n-1

6

Se

p-1

6

De

c-1

6

Ma

r-1

7

Ju

n-1

7

Se

p-1

7

De

c-1

7

Ma

r-1

8

Ju

n-1

8

Se

p-1

8

De

c-1

8

Ma

r-19

Ju

n-1

9

Se

p-1

9

De

c-1

9

Ma

r-2

0

Platinum


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

Agriculture

Source: USDA, Bloomberg,WisdomTree Source: USDA, Bloomberg,WisdomTree

Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree

Source: USDA, Bloomberg,WisdomTree Source: USDA, Bloomberg, WisdomTree

·Source: USDA, Bloomberg, WisdomTree Source: USDA, Bloomberg, WisdomTree

9

Inventories

Note: Ending stocks, inventories and stock to use data from the USDA are annual with monthly update of 2017/2018 estimates.


0

5

10

15

20

25

30

35

40

45

50

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Corn - Stock to UseAnnual data in %, from 1980 to 2019

% chg in projections vs.

previous = -1.8%

0

50

100

150

200

250

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Coffee - Stock to UseAnnual data in %, from 1980 to 2019

% chg in projections

vs. previous = 0.0%

0

10

20

30

40

50

60

70

80

90

100

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Cotton - Stock to UseAnnual data in %, from 1980 to 2019


vs. previous = 3.8%

0

5

10

15

20

25

30

35

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Soybeans - Stock to UseAnnual data in %, from 1980 to 2019

% chg in projections vs. previous = 6.1%

0

20

40

60

80

100

120

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Soybeans - Ending StocksAnnual data in , from 1980 to 2019

chg in projections vs. previous = 6.0

0

10

20

30

40

50

60

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Coffee - Ending StocksAnnual data in mln bags (60 kg), from 1980 to 2019

chg in projections

vs. previous = 0.0

0

20

40

60

80

100

120

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Cotton - Ending StocksAnnual data in mln 480 lb Bales, from 1980 to 2019

chg in projections vs.

previous = 3.1

0

50

100

150

200

250

300

350

400

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Corn - Ending StocksAnnual data in mln tons, from 1980 to 2019

chg in projections

vs. previous = -3.2




Source: International Cocoa Organisation, Bloomberg, WisdomTree

10Note: Ending stocks, inventories and stock to use data from the USDA are annual with monthly update of 2018/2019 estimates.


0

5

10

15

20

25

30

35

40

45

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Wheat - Stock to UseAnnual data in %, from 1980 to 2019


previous = -1.0%

0

20

40

60

80

100

120

96

/97

97

/98

98

/99

99

/00

00

/01

01

/02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10

/11

11

/12

12

/13

13

/14

14

/15

15

/16

16

/17

17

/18

18

/19

19

/20

Sugar - Stock to UseAnnual data in %, from 1998 to 2019


vs. previous = 0%

0

2

4

6

8

10

12

14

16

18

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Soybean Oil - Stock to UseAnnual data in %, from 1980 to 2019


previous = 1.6%

0

50

100

150

200

250

300

350

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Wheat - Ending StocksAnnual data in mln tons, from 1980 to 2019


previous = -2.4

0

10

20

30

40

50

60

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Sugar - Ending StocksAnnual data in mln Metric Tons, from 1980 to 2019


previous = -11.3

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

83

/84

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Soybean Oil - Ending StocksAnnual data in mln Metric Tons, from 1980 to 2019


previous = 0.0

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

19

83

19

85

19

87

19

89

19

91

19

93

19

95

19

97

19

99

20

01

20

03

20

05

20

07

20

09

20

11

20

13

20

15

20

17

20

19

Cocoa - InventoryAnnual data in '000 metric tons, from 1981 to 2019

Industrial Metals


Source: LME, Bloomberg, WisdomTree Source: Bloomberg, WisdomTree

Source: Bloomberg, WisdomTree Source: LME, Bloomberg, WisdomTree

Livestock


11Note: Ending stocks, inventories and stock to use data from the USDA are annual with monthly update of 2018/2019 estimates.


0

2

4

6

8

10

12

14

16

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-1

9

Au

g-1

9

Se

p-1

9

Oc

t-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Tin Inventory

LME Inventory (in '000 tonnes) SHFE Inventory (in '000 tonnes)

Daily data in '000 MT, from 20 Mar 19 to 20 Mar 20

50

60

70

80

90

100

110

120

130

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Lead Inventory

SHFE Inventory (in '000 tonnes) LME Inventory (in '000 tonnes)

Daily data, from 20 Mar 19 to 20 Mar 20

0

50

100

150

200

250

Ma

r-19

Ap

r-19

Ma

y-1

9

Ju

n-1

9

Ju

l-19

Au

g-1

9

Se

p-1

9

Oc

t-19

No

v-1

9

De

c-1

9

Ja

n-2

0

Fe

b-2

0

Nickel InventoryDaily data in '000 MT, from 20 Mar 19 to 20 Mar 20

40

90

140

190

240

290

Ma

r 1

9

Ap

r 1

9

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Feb

20

Zinc Inventory



0

500

1,000

1,500

2,000

2,500

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Aluminum Inventory



80

180

280

380

480

580

680

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 19

No

v 1

9

De

c 1

9

Jan

20

Feb

20

SHFE Inventory (in '000 tonnes) COMEX Inventory (in '000 tonnes)

LME Inventory (in '000 tonnes)

Daily data, from 21 Feb 19 to 21 Feb 20

Copper Inventory

0

100

200

300

400

500

600

700

800

900

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Lean Hogs InventoryAnnual data in mln Heads, from 1980 to 2019

900

950

1,000

1,050

1,100

1,150

85

/86

87

/88

89

/90

91

/92

93

/94

95

/96

97

/98

99

/00

01

/02

03

/04

05

/06

07

/08

09

/10

11

/12

13

/14

15

/16

17

/18

19

/20

Live Cattle InventoryAnnual data in mln Heads, from 1980 to 2019

Energy

Source: DOE, Bloomberg, WisdomTree Source: IEA, Bloomberg, WisdomTree

Source: DOE, Bloomberg, WisdomTree Source: DOE, Bloomberg, WisdomTree

Source: DOE, Bloomberg, WisdomTree

12Note: "Oil - OECD Inventory" represents OECD industry stocks and is reported with a 2 month lag.


300

350

400

450

500

550

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

US Oil Inventory

5Yr Average +/-1 stdev 2019 2020

Weekly data in mln barrels, from Mar 15 to Mar 20

200

210

220

230

240

250

260

270

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Gasoline Inventory



500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1 3 5 7 9 111315171921232527293133353739414345474951

Natural Gas Inventory


Weekly data in billion cubic feet, from Mar 15 to Mar 20

6

11

16

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Heating Oil Inventory



280

290

300

310

320

330

340

350

360

370

380

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

OECD Europe Oil Industry Inventory


Monthly data in mln barrels, from Dec 14 to Dec 19

Agriculture




·


13

Commodities Front Month Futures and

Trading Volumes

Note: all commodity futures trading volume and price data is denominated in USD unless otherwise indicated.


$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

$2,800

$3,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Cocoa Front Month Futures Price

Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)

Daily data in USD/MT, from 20 Mar 19 to 20 Mar 20

$3.2

$3.4

$3.6

$3.8

$4.0

$4.2

$4.4

$4.6

0

5,000

10,000

15,000

20,000

25,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Corn Front Month Futures Price


Daily data in USd/bu., from 20 Mar 19 to 20 Mar 20

$0.20

$0.22

$0.24

$0.26

$0.28

$0.30

$0.32

$0.34

$0.36

-500

500

1,500

2,500

3,500

4,500

5,500

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Soybean Oil Front Month Futures Price


Daily data in USd/lb., from 20 Mar 19 to 20 Mar 20

$0.10

$0.11

$0.12

$0.13

$0.14

$0.15

$0.16

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Sugar Front Month Futures Price



$0.7

$0.8

$0.9

$1.0

$1.1

$1.2

$1.3

$1.4

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Coffee Front Month Futures Price



$0.50

$0.55

$0.60

$0.65

$0.70

$0.75

$0.80

$0.85

-150

350

850

1,350

1,850

2,350

2,850

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Cotton Front Month Futures Price



$7.0

$7.5

$8.0

$8.5

$9.0

$9.5

$10.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Soybeans Front Month Futures Price



$3.5

$4.0

$4.5

$5.0

$5.5

$6.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Wheat Front Month Futures Price



Energy




Carbon


14Note: all commodity futures trading volume and price data is denominated in USD unless otherwise indicated.


$20

$30

$40

$50

$60

$70

$80

$90

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Brent Oil Front Month Futures Price


Daily data in USD/bbl., from 20 Mar 19 to 20 Mar 20

$1.4

$1.6

$1.8

$2.0

$2.2

$2.4

$2.6

$2.8

$3.0

$3.2

$3.4

$0

$5,000

$10,000

$15,000

$20,000

$25,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Natural Gas Front Month Futures Price


Daily data in USD/MMBtu, from 20 Mar 19 to 20 Mar 20

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

$2.2

$2.4

-$1,000

$4,000

$9,000

$14,000

$19,000

$24,000

$29,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Heating Oil Front Month Futures Price


Daily data in USd/gal., from 20 Mar 19 to 20 Mar 20

3.4 €

8.4 €

13.4 €

18.4 €

23.4 €

28.4 €

€0

€200

€400

€600

€800

€1,000

€1,200

€1,400

€1,600

€1,800

€2,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Carbon Front Month Futures Price


Daily data in EUR/MT, from 20 Mar 19 to 20 Mar 20

$15

$25

$35

$45

$55

$65

$75

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

WTI Oil Front Month Futures Price


Daily data in USD/bbl., from 20 Mar 19 to 20 Mar 20

$0.5

$0.7

$0.9

$1.1

$1.3

$1.5

$1.7

$1.9

$2.1

$2.3

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000M

ar

19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Gasoline Front Month Futures Price


Daily data in USd/gal., from 20 Mar 19 to 20 Mar 20

Industrial Metals







$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

$2,100

-$4,000

$1,000

$6,000

$11,000

$16,000

$21,000

$26,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Aluminum Front Month Futures Price



$1,700

$1,900

$2,100

$2,300

$2,500

$2,700

$2,900

$3,100

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Zinc Front Month Futures Price



$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Nickel Front Month Futures Price



$2.1

$2.2

$2.3

$2.4

$2.5

$2.6

$2.7

$2.8

$2.9

$3.0

$3.1

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Ma

r 1

9

Ap

r 1

9

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Feb

20

Ma

r 2

0

Copper (COMEX) Front Month Futures Price



$12,000

$14,000

$16,000

$18,000

$20,000

$22,000

$0

$100

$200

$300

$400

$500

$600

$700

$800

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Tin Front Month Futures Price



$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Lead Front Month Futures Price



$4,500

$5,000

$5,500

$6,000

$6,500

$7,000

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000M

ar

19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Copper (LME) Front Month Futures Price

Volume ($mn) 200 dma (RHS) 50 dma (RHS) Prices (RHS)


Precious Metals



Livestock





$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

$1.60

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Ju

n 1

9

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Ja

n 2

0

Fe

b 2

0

Ma

r 20

Feeder Cattle Front Month Futures Price



$0.32

$0.42

$0.52

$0.62

$0.72

$0.82

$0.92

$1.02

$200

$700

$1,200

$1,700

$2,200

$2,700

$3,200

$3,700

$4,200

$4,700

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Lean Hogs Front Month Futures Price



$550

$600

$650

$700

$750

$800

$850

$900

$950

$1,000

$1,050

$0

$500

$1,000

$1,500

$2,000

$2,500

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Platinum Front Month Futures Price


Daily data in USD/t oz., from 20 Mar 19 to 20 Mar 20

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Gold Front Month Futures Price



$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

$1.30

$1.35

$1.40

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 1

9

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Live Cattle Front Month Futures Price



$500

$1,000

$1,500

$2,000

$2,500

$3,000

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Jul 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Palladium Front Month Futures Price



$10

$11

$12

$13

$14

$15

$16

$17

$18

$19

$20

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

Ma

r 19

Ap

r 19

Ma

y 1

9

Jun

19

Ju

l 19

Au

g 1

9

Se

p 1

9

Oc

t 1

9

No

v 1

9

De

c 1

9

Jan

20

Fe

b 2

0

Ma

r 20

Silver Front Month Futures Price



Agriculture




·Source: Bloomberg, WisdomTree Source: Bloomberg, WisdomTree

17

Futures Curves

Note: all commodity futures price data is denominated in USD unless otherwise indicated.


$2,000

$2,100

$2,200

$2,300

$2,400

$2,500

$2,600

$2,700

$2,800

$2,900

$3,000

M1 M2 M3 M4 M5 M6 M7 M8 M9 M10Maturity (Month)

Cocoa Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/MT

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Coffee Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/lb.

$3.1

$3.3

$3.5

$3.7

$3.9

$4.1

$4.3

$4.5

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Corn Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/bu.

$0.52

$0.54

$0.56

$0.58

$0.60

$0.62

$0.64

$0.66

$0.68

$0.70

$0.72

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Cotton Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/lb.

$0.200

$0.220

$0.240

$0.260

$0.280

$0.300

$0.320

$0.340

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

Maturity (Month)

Soybean Oil Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/lb.

$8.3

$8.5

$8.7

$8.9

$9.1

$9.3

$9.5

$9.7

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

M21

Maturity (Month)

Soybeans Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/bu.

$0.100

$0.110

$0.120

$0.130

$0.140

$0.150

$0.160

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

Maturity (Month)

Sugar Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/lb.

$4.5

$4.7

$4.9

$5.1

$5.3

$5.5

$5.7

$5.9

$6.1

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

Maturity (Month)

Wheat Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/bu.

Energy




Carbon


18Note: all commodity futures price data is denominated in USD unless otherwise indicated.


$20

$25

$30

$35

$40

$45

$50

$55

$60

$65

$70

M1

M3

M5

M7

M9

M11

M1

3

M15

M17

M19

M2

1

M23

M25

M27

M2

9

M31

M33

M35

Maturity (Month)

Brent Oil Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/bbl.

$20

$25

$30

$35

$40

$45

$50

$55

$60

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

WTI Oil Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/bbl.

$1.5

$1.7

$1.9

$2.1

$2.3

$2.5

$2.7

$2.9

M1

M3

M5

M7

M9

M11

M1

3

M15

M1

7

M19

M2

1

M23

M2

5

M27

M2

9

M31

M3

3

M35

Maturity (Month)

Natural Gas Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/MMBtu

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

$1.70

$1.90

$2.10

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Gasoline Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/gal.

$0.90

$1.10

$1.30

$1.50

$1.70

$1.90

$2.10

M1

M3

M5

M7

M9

M1

1

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Heating Oil Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/gal.

14.0 €

16.0 €

18.0 €

20.0 €

22.0 €

24.0 €

26.0 €

28.0 €

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

M21

M22

M23

Maturity (Month)

Carbon Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

EUR/MT

Industrial Metals







$1,460

$1,560

$1,660

$1,760

$1,860

$1,960

$2,060

$2,160

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Aluminum Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/MT

$1,600

$1,650

$1,700

$1,750

$1,800

$1,850

$1,900

$1,950

$2,000

$2,050

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Lead Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/MT

$2.00

$2.10

$2.20

$2.30

$2.40

$2.50

$2.60

$2.70

$2.80

$2.90

$3.00

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

M21

M22

M23

M2

4

M2

5

Maturity (Month)

Copper (COMEX) Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/lb.

$4,500

$4,700

$4,900

$5,100

$5,300

$5,500

$5,700

$5,900

$6,100

$6,300

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Copper (LME) Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/MT

$13,500

$14,000

$14,500

$15,000

$15,500

$16,000

$16,500

$17,000

$17,500

$18,000

$18,500

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Tin Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/MT

$10,500

$11,300

$12,100

$12,900

$13,700

$14,500

$15,300

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Nickel Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/MT

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M21

M23

M25

M27

M29

M31

M33

M35

Maturity (Month)

Zinc Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/MT

Precious Metals



Livestock





$10.0

$12.0

$14.0

$16.0

$18.0

$20.0

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

Maturity (Month)

Silver Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/t oz.

$1,430

$1,480

$1,530

$1,580

$1,630

$1,680

$1,730

$1,780

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

Maturity (Month)

Gold Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/t oz.

$550

$600

$650

$700

$750

$800

$850

$900

$950

$1,000

$1,050

M1 M2 M3 M4 M5Maturity (Month)

Platinum Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/t oz.

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

$2,800

M1 M2 M3 M4 M5Maturity (Month)

Palladium Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USD/t oz.

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

Maturity (Month)

Lean Hogs Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/lb.

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

$1.30

M1 M2 M3 M4 M5 M6 M7 M8Maturity (Month)

Live Cattle Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/lb.

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

M1 M2 M3 M4 M5 M6 M7 M8Maturity (Month)

Feeder Cattle Futures

20 Mar 20 13 Mar 20 20 Feb 20 20 Dec 19

USd/lb.

C

Commodity Monthly Matrix Explained

CALENDAR

WisdomTree - Recent Blogs

25-Mar-20 Pierre Debru Defensive Assets: It is easier not to lose money than to win it back

25-Mar-20 Professor Siegel Market Update on Coronavirus with Professor Siegel

24-Mar-20 Mobeen Tahir What next for markets?

23-Mar-20 Lidia Treiber The European banking system is not the culprit of this crisis

20-Mar-20 Aneeka Gupta ECB unveils surprise bazooka to aid markets

19-Mar-20 Nitesh Shah Gold-to-silver ratio hits 50-year high

19-Mar-20 Mobeen Tahir The thematic case for nickel

18-Mar-20 Pierre Debru Defensive Assets: Gold, a precious ally in the fight against equity drawdown

17-Mar-20 Florian Ginez Crypto markets hit by physical selling pressure and liquidation of synthetic leveraged positions

17-Mar-20 Lidia Treiber Digesting the Federal Reserve’s emergency rate cut

13-Mar-20 Nitesh Shah Gold price moves on 12th March 2020 opening up attractive entry points

12-Mar-20 Aneeka Gupta Copper’s fundamentals displaced by the Coronavirus

10-Mar-20 Pierre Debru Defensive Assets: Currencies, a powerful tactical overlay

WisdomTree - Past Issues of Commodity Monthly Monitor

Jan - Feb 2020 Research Team Has the Black Swan landed ?

Dec- Jan 2020 Research Team Commodities moving beyond trade and geopolitics

Oct - Nov 2019 Research Team Commodities wait while equities rally

Sep - Oct 2019 Research Team Phase1 of trade deal bifurcates commodity markets

Aug - Sep 2019 Research Team Jitters in the oil market and beyond

The research notes are for qualified investors only.

Key Reports

Current Next release

10-Mar-20 09-Apr-20 USDA World Agricultural Supply and Demand Estimates

10-Mar-20 07-Apr-20 EIA Short-Term Energy Outlook

11-Mar-20 16-Apr-20 OPEC OPEC Oil Market Report

09-Mar-20 15-Apr-20 IEA IEA Oil Market Report

DISCLAIMER

Important Information

Communications issued in the European Economic Area (“EEA”): This document has been issued and approved by WisdomTree Ireland Limited, which is authorised and regulated by the Central Bank of Ireland.

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For professional clients only. The information contained in this document is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities or shares. This document should not

be used as the basis for any investment decision. Investments may go up or down in value and you may lose some or all of the amount invested. Past performance is not necessarily a guide to future performance. Any

decision to invest should be based on the information contained in the appropriate prospectus and after seeking independent investment, tax and legal advice.

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Any historical performance included in this document may be based on back testing. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of

such strategy would have been. However, back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and

should not be interpreted as an indication of actual or future performance.

Score based on unweighted sum of four fundamental/technical measures detailed below with each measure awarded a possible score of -1, 0, or 1

depending on whether variable is viewed as fundamentally negative, neutral or positive. Score ranging from -4 to +4. For commodities where data is not

available or not relevant, scores are calculated on remaining variables and adjusted to the -4 to +4 scale. The score matrix is designed to highlight

significant changes in key variables but should not be viewed as predictor of performance.

The four fundamental/technical measures are as follow:

- price vs. 200 days moving average: 1 when price is above 200dma and return is positive, -1 when price is below 200dma and return is negative, 0

otherwise

- % change in net positioning over the past month: 1 when % change is positive, -1 when % change is negative, 0 when no change

- % change in inventory level over the past 3 months: 1 when % is negative, -1 when % is positive, 0 when no change

- roll yield between the front and second month futures contracts: 1 when in backwardation, -1 when in contango, 0 when no change

https://www.wisdomtree.eu/en-gb/blog/2020-03-25/defensive-assets-it-is-easier-not-to-lose-money-than-to-win-it-back

https://www.wisdomtree.eu/en-gb/blog/2020-03-25/market-update-on-the-coronavirus-with-professor-siegel

https://www.wisdomtree.eu/en-gb/blog/2020-03-24/what-next-for-markets

https://www.wisdomtree.eu/en-gb/blog/2020-03-23/the-european-banking-system-is-not-the-culprit-of-this-crisis

https://www.wisdomtree.eu/en-gb/blog/2020-03-20/ecb-unveils-surprise-bazooka-to-aid-markets

https://www.wisdomtree.eu/en-gb/blog/2020-03-19/gold-to-silver-ratio-hits-50-year-high

https://www.wisdomtree.eu/en-gb/blog/2020-03-19/the-thematic-case-for-nickel

https://www.wisdomtree.eu/en-gb/blog/2020-03-18/defensive-assets-gold-a-precious-ally-in-the-fight-against-equity-drawdown

https://www.wisdomtree.eu/en-gb/blog/2020-03-17/crypto-markets-hit-by-physical-selling-pressure-and-liquidation-of-synthetics-leveraged-positions

https://www.wisdomtree.eu/en-gb/blog/2020-03-17/digesting-the-federal-reserve-s-emergency-rate-cut

https://www.wisdomtree.eu/en-gb/blog/2020-03-13/gold-price-moves-on-12th-march-2020-opening-up-attractive-entry-points

https://www.wisdomtree.eu/en-gb/blog/2020-03-12/copper-s-fundamentals-displaced-by-the-coronavirus

https://www.wisdomtree.eu/en-gb/blog/2020-03-10/currencies-a-powerful-tactical-overlay

https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/research/commodity-monthly-monitor/2020,-d-,02_commodity-monthly-monitor-final.pdf

https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/research/commodity-monthly-monitor/2020,-d-,01_commodity-monthly-monitor.pdf




https://www.usda.gov/oce/commodity/wasde/wasde0919.pdf

http://www.eia.gov/forecasts/steo/pdf/steo_full.pdf

http://www.opec.org/opec_web/en/publications/338.htm

http://www.opec.org/opec_web/static_files_project/media/downloads/publications/MOMR_september_2015.pdf

http://omrpublic.iea.org/

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Documents

Commodity Monthly Monitor · Commodities market overview 1 Summary tables 4 CFTC net positioning 5 Inventories 9 Moving average and volumes 13 Futures curves 17 Recent publications